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Investors in Wirecard remained spooked until BaFin intervened on February 18th.
Wirecard的投資者驚魂未定，直到2月18日德國聯邦金融監管局介入。
The regulator cited Wirecard's "importance for the economy" and the "serious threat to market confidence" following the collapse in its share price.
監管者引用稱Wirecard具有“經濟重要性”并且公司股價暴跌將“對市場信心造成嚴重威脅”。
Wirecard processes payments for 250,000 merchants, including Aldi and Lidl, two of Germany's biggest retailers, and numerous airlines.
Wirecard為250,000家公司處理支付業務，其中包括阿爾迪和利德連鎖超市（這兩個德國最大的零售商）以及很多航空公司。
The value of Wirecard rose by 16% after the regulator took action.
監管者采取行動后，Wirecard市值上漲16%。
The ban may have been a risky move. The regulator is meant to act in the public interest.
禁令可能存在風險。監管者本意是為公眾利益采取行動。
This is the first time BaFin has used the measure to protect a single company.
這是德國聯邦金融監管局首次采取措施保護一家公司。
(In 2008, with the financial crisis in full swing, they restricted short-selling of 11 bank stocks.)
（2008年，隨著金融危機全面展開，他們限制了11家銀行股票的賣空。）
Crispin Odey, a hedge-fund manager with short positions in Wirecard, has claimed that BaFin has opened the door to potential lawsuits.
在Wirecard擁有空頭的對沖基金經理Crispin Odey聲稱德國聯邦金融監管局為潛在的訴訟敞開了大門。
In his view, according to reports by Bloomberg, the regulator should have ensured that Wirecard's employees did not engage in any wrongdoing before it took action.
根據《彭博》的報道，在他看來，監管者本應在采取行動前確保Wirecard的員工沒有參與任何違規行為。
Action might be justified if markets have been manipulated. Prosecutors in Munich say they are looking into possible violations of securities regulations.
如果市場受到操控，那么采取行動是正當行為。慕尼黑的檢察官稱他們正在調查可能違反證券監管法的行為。
But the Financial Times has rejected allegations of unethical reporting or market manipulation as "baseless and false".
但是《金融時報》否認了不道德報道或操縱市場的指控，并稱這些指控是“毫無根據且虛假的”。
Despite their unpopularity, short-sellers perform useful functions in markets.
雖然不受歡迎，但是賣空者在市場中發揮著有益的功能。
They help prevent bubbles from forming and are adept at rooting out malfeasance.
他們幫助防止泡沫的形成，也很擅長根除違法行為。
Studies find that in the months before financial fraud at a company is revealed, short-selling of its stock tends to spike.
研究發現在該公司金融欺詐被披露前的幾個月內，其股票的賣空有急劇升值趨勢。
Jim Chanos, a well-known short-seller, famously predicted the demise of Enron, an energy-trading firm that went bust in 2001.
知名賣空者Jim Chanos曾預測了安然公司的終結，該能源交易公司在2001年破產。
BaFin claims Wirecard had been the target of repeated "short attacks."
德國聯邦金融監管局宣稱Wirecard是“賣空攻擊”的目標。
But shortselling a company that is suspected of false accounting does not undermine markets— rather, it is a sign they are working.
但是做空一家涉嫌偽造賬目的公司不會破壞市場—更確切地說這是賣空者在起作用的跡象。
Making Mr Chanos give up his short position would not have saved Enron from bankruptcy, after all. He was the messenger, not the problem.
畢竟讓Chanos放棄他的空頭不能使安然公司免于破產。他不過是傳信人，而非問題所在。
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